$TSLA Q3: beat on EPS and cash, just shy on revenue. Revenue $28.05B (est. $28.34B) · EPS $0.48 (est. $0.45) · FCF +$1.53B (est. −$4.51B). Capex was $4.73B vs $7.77B expected, so the AI bet burned far less than feared. ELONOMICS No.35 👇

Yes, it's different this time. 2002: just 2.7% of US fiber was lit, and bandwidth prices fell 92%. 2026: 98.6% of data-center capacity is leased, H100 rents are up 24%, and $2.35T of cloud backlog is waiting. Telecom built for demand that never came. Part 2 👇 $ORCL $MSFT

Kobeissi: $419B of AI bonds in 2026, a record. Last time an industry borrowed like this to build the internet's pipes: telecom, ~$500B in 1996–2000 (≈$1T today). Then WorldCom and Global Crossing. Is it different this time? Part 2 tonight 👇 $ORCL $META

AI-related borrowing is skyrocketing. US Dollar-denominated AI-related corporate bond issuance is up to $419 billion so far in 2026, the highest annual figure on record. This represents a +90% YoY increase from full-year 2025 and a +437% increase from full-year 2024. Year-to-date, Alphabet, $GOOGL, Amazon, $AMZN, Meta, $META, Microsoft, $MSFT, and Oracle, $ORCL, have issued a combined $157 billion in corporate bonds, accounting for 37% of the total. This is followed by investment-grade and high-yield data center and computing companies, which have raised $66 billion and $37 billion, respectively, and together account for ~25% of AI-related issuance. Other AI-linked corporate bonds have represented $159 billion, or 38%. The AI revolution is driving an unprecedented wave of corporate borrowing.

The @nyknicks ran the most dominant playoff run in NBA history: +14.9 a game. The 10 teams right behind them? 6 repeated. But nobody has gone back-to-back since the '17-'18 Warriors. 8 straight one-and-dones. Ring night tonight vs. LeBron. Let’s go Knicks #NBA

Calls for a "Black Monday" are spreading rapidly across social media right now. If history is any guide, this means the S&P 500 should hit 8,000 soon. Ignore the noise. Read our analysis below.

I’ve spent a few days thinking about the Tesla Roadster reveal and landed somewhere I haven’t seen much discussion. I’m neither a Tesla fanboy nor a Tesla hater. And I couldn’t care less whether what we saw technically qualifies as a flying car. Three takeaways: (1) The risk of that live demonstration going horribly wrong was real. Almost no CEO would willingly expose their company to that kind of public humiliation for a product with so little financial upside. Elon did. (2) That willingness to attempt the seemingly impossible is what makes Tesla special. It’s also arguably Elon’s greatest contribution to America. He’s helped bring back something we’ve lost. The American spirit of chasing big scary ideas that most people think are impossible. That mindset is spreading across a new generation of founders and its long term impact on America’s future could dwarf anything Tesla ever sells. I think this is deeply underappreciated. (3) Can we just acknowledge how insanely cool that moment was? We’ve reached a strange place culturally where even extraordinary feats of human ingenuity immediately become arguments about why they don’t count. Not everything needs to be a debate. Sometimes we should just be able to stand back together and marvel at what humans are capable of. I’ve been both bullish and critical of Tesla’s ambitions over the years. But watching Elon and his team push the boundaries of what’s possible reminds me why I’m glad we have him. Whether the Roadster ever makes Tesla a dollar or impacts $TSLA stock price is almost beside the point. We need more people willing to risk failure in pursuit of things the rest of us think are impossible. Because when they succeed we all win.

I know which I would pick! (The Rolex) Also, if you are not having an Americano, is it even a real coffee?